-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, AZQCvJbKFTxpu6EeiXn7CMdUUtLdQxC2EvdPIlBbkWyT1T8RBS0gW++AUPRRfDsg wnmCLYIAPSV46Dp+jNSb2A== 0001193125-08-008844.txt : 20080118 0001193125-08-008844.hdr.sgml : 20080118 20080118163425 ACCESSION NUMBER: 0001193125-08-008844 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080116 FILED AS OF DATE: 20080118 DATE AS OF CHANGE: 20080118 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LOGITECH INTERNATIONAL SA CENTRAL INDEX KEY: 0001032975 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29174 FILM NUMBER: 08539188 BUSINESS ADDRESS: STREET 1: 6505 KAISER DR STREET 2: C/O LOGITECH INC CITY: FREMONT STATE: CA ZIP: 94555 BUSINESS PHONE: 5107958500 MAIL ADDRESS: STREET 1: 6505 KAISER DR CITY: FREMONT STATE: CA ZIP: 94555 6-K 1 d6k.htm FORM 6-K Form 6-K

File Number: 0-29174

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: January 16, 2008

LOGITECH INTERNATIONAL S.A.

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

Canton of Vaud, Switzerland

(Jurisdiction of incorporation or organization)

Logitech International S.A.

Apples, Switzerland

c/o Logitech Inc.

6505 Kaiser Drive

Fremont, California 94555

(510) 795-8500

(Address and telephone number of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

ü   Form 20-F                 Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 191(b)(7):

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                 ü   No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b).

Not applicable

 

 

 


LOGITECH INTERNATIONAL S.A

Form 6-K

On January 16, 2008, Logitech International S.A. issued the press release attached hereto as Exhibit 15.1.

The information in the press releases is incorporated herein by reference.


SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned, thereunto duly authorized.

 

Logitech International S.A.
/s/ Gerald P. Quindlen
Gerald P. Quindlen
President and Chief Executive Officer
/s/ Mark J. Hawkins
Mark J. Hawkins

Chief Financial Officer,

and U.S. Representative

January 16, 2008

EX-15.1 2 dex151.htm PRESS RELEASE Press Release

Exhibit 15.1

LOGO

For Immediate Release

Editorial Contacts:

Joe Greenhalgh, Vice President, Investor Relations – USA (510) 713-4430

Ben Starkie, Public Relations Manager – Europe +41-(0) 21-863-5195

Nancy Morrison, Director, Corporate Communications – USA (510) 713-4948

Logitech Announces Best Quarter Ever

Revenue Up 13%, Operating Income Up 17%,

Company Increases Operating Income Goal for Full Year

FREMONT, Calif., Jan. 16, 2008 and ROMANEL-SUR-MORGES, Switzerland, Jan. 17, 2008 — Logitech International (SWX: LOGN) (Nasdaq: LOGI) today announced record sales and operating profit for the third quarter of Fiscal Year 2008, ended Dec. 31, 2007. Sales were $744 million, up 13 percent from $659 million in the same quarter last year. Operating income was $116 million, up 17 percent from $100 million for the same quarter a year ago. Net income was $134 million ($0.71 per share), up from $94 million ($0.49 per share) one year ago. Gross margin reached an all-time high for the company at 36.9 percent, compared to 36.2 percent in Q3 of FY 2007. Cash flow from operations was $177 million, the highest ever for a quarter.

Logitech’s retail sales for Q3 grew by 9 percent year over year, increasing by 9 percent in the Americas, 4 percent in EMEA and 44 percent in Asia Pacific. The growth in the Americas and EMEA was restrained by continued weakness in the webcam category. Retail sales in all regions were driven by strong demand for Harmony remote controls, keyboards and mice. Sales of Harmony remote controls increased by 72 percent, with strong growth in all regions. Keyboard sales increased by 32 percent and mice sales increased by 22 percent. OEM sales grew by 54 percent, driven by strong demand for microphones for console singing games.

“We are very pleased with our Q3 performance,” said Gerald. P. Quindlen, Logitech president and chief executive officer. “We delivered record sales and our best gross margin ever, despite a highly promotional retail environment, and we continued to improve the effectiveness of our working capital management as we finished Q3 with half a billion dollars in cash. The strong


momentum in core categories such as keyboards and mice exemplifies how leadership in innovation stimulates continued demand and supports improved margins. And the robust sales of Harmony remotes underscores the promise of our increasing attention on the digital home. The progress we have made in realigning our operating expense growth and gross profit growth positions us to exceed our FY 2008 goal for operating income growth.”

Outlook

For the current fiscal year, ending March 31, 2008, the company confirmed its sales target of 15 percent growth and increased its year-over-year operating income growth goal to more than 20 percent. The Company’s previously stated goal for operating income growth was 20 percent. FY 2008 gross margin is expected to be above the high end of the Company’s long-term target range of 32-34 percent.

The Company also provided preliminary financial targets of 15 percent growth in both sales and operating income for Fiscal Year 2009, ending March 31, 2009.

Earnings Teleconference

Logitech will hold an earnings teleconference on Jan. 17, 2008 at 14:00 Central European Time/8:00 a.m. Eastern Standard Time/5:00 a.m. Pacific Standard Time to discuss these results as well as the Company’s outlook. A live webcast and replay of the teleconference, including presentation slides, will be available on the Logitech corporate Web site at http://ir.logitech.com. Please visit the Web site at least 10 minutes early to register for the teleconference webcast.

About Logitech

Logitech is a world leader in personal peripherals, driving innovation in PC navigation, Internet communications, digital music, home-entertainment control, gaming and wireless devices. Founded in 1981, Logitech International is a Swiss public company traded on the SWX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).

# # #

This press release contains forward-looking statements, including the statements regarding expected sales and operating income growth and gross margin for Fiscal Year 2008, and preliminary expected sales and operating income growth for Fiscal Year 2009. The forward-looking statements in this release involve risks and uncertainties that could cause Logitech’s actual performance and results to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include if we fail to successfully innovate in our current and emerging product categories and identify new feature or product opportunities; consumer demand for our products and our ability to accurately forecast it; the effect of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales, gross margins and profitability; our ability to continue to implement our plan to control operating expenses while growing sales; the sales mix among our lower- and higher-margin products and our geographic sales mix; as well as those additional factors set forth in our periodic filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the fiscal year ended March 31, 2007 and our quarterly reports on Form 6-K available at www.sec.gov. Logitech does not undertake to update any forward-looking statements.


Logitech, the Logitech logo, and other Logitech marks are registered in the United States and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s Web site at www.logitech.com.

(LOGI – IR)


LOGITECH INTERNATIONAL S.A.

(In thousands, except per share amounts) - Unaudited

 

     Quarter Ended December 31,  

CONSOLIDATED STATEMENTS OF INCOME

   2007     2006  

Net sales

   $ 744,235     $ 658,512  

Cost of goods sold

     469,801       419,855  
                

Gross profit

     274,434       238,657  
                

% of net sales

     36.9 %     36.2 %

Operating expenses:

    

Marketing and selling

     98,512       84,146  

Research and development

     31,378       28,778  

General and administrative

     28,318       26,137  
                

Total operating expenses

     158,208       139,061  
                

Operating income

     116,226       99,596  

Interest income, net

     4,301       2,045  

Other income, net

     26,182       2,593  
                

Income before income taxes

     146,709       104,234  

Provision for income taxes

     13,137       9,930  
                

Net income

   $ 133,572     $ 94,304  
                

Shares used to compute net income per share:

    

Basic

     181,549       182,652  

Diluted

     188,813       191,145  

Net income per share:

    

Basic

   $ 0.74     $ 0.52  

Diluted

   $ 0.71     $ 0.49  

Other income, net for the quarter ended December 31, 2007 includes net realized gain on sales of short-term investments of $27.8 million, and an impairment loss of $5.5 million.


LOGITECH INTERNATIONAL S.A.

(In thousands, except per share amounts) - Unaudited

 

     Nine Months Ended December 31,  

CONSOLIDATED STATEMENTS OF INCOME

   2007     2006  

Net sales

   $ 1,769,262     $ 1,553,835  

Cost of goods sold

     1,134,088       1,021,301  
                

Gross profit

     635,174       532,534  
                

% of net sales

     35.9 %     34.3 %

Operating expenses:

    

Marketing and selling

     239,762       205,789  

Research and development

     91,082       79,824  

General and administrative

     83,789       71,357  
                

Total operating expenses

     414,633       356,970  
                

Operating income

     220,541       175,564  

Interest income, net

     11,764       5,521  

Other income (expense), net

     (37,522 )     12,431  
                

Income before income taxes

     194,783       193,516  

Provision for income taxes

     24,095       19,861  
                

Net income

   $ 170,688     $ 173,655  
                

Shares used to compute net income per share:

    

Basic

     181,602       182,601  

Diluted

     188,748       190,655  

Net income per share:

    

Basic

   $ 0.94     $ 0.95  

Diluted

   $ 0.90     $ 0.91  

Other income (expense), net for the nine months ended December 31, 2007 includes an impairment loss of $72.9 million related to the decline in fair value of short-term investments, and a net realized gain of $27.8 million on the sales of short-term investments.


LOGITECH INTERNATIONAL S.A.

(In thousands) - Unaudited

 

CONSOLIDATED BALANCE SHEETS

   December 31,
2007
   March 31,
2007
   December 31,
2006

Current assets

        

Cash and cash equivalents

   $ 499,248    $ 196,197    $ 263,089

Short term investments

     10,840      214,625      104,950

Accounts receivable

     444,090      310,377      416,195

Inventories

     252,661      217,964      234,944

Other current assets

     63,510      68,257      59,024
                    

Total current assets

     1,270,349      1,007,420      1,078,202

Investments

     15      14      11,131

Property, plant and equipment

     96,369      87,054      85,435

Intangible assets

        

Goodwill

     194,552      179,991      146,186

Other intangible assets

     23,465      18,920      20,510

Other assets

     35,976      34,064      30,345
                    

Total assets

   $ 1,620,726    $ 1,327,463    $ 1,371,809
                    

Current liabilities

        

Short-term debt

   $ —      $ 11,856    $ 12,185

Accounts payable

     354,480      218,129      293,085

Accrued liabilities

     199,043      235,080      220,985
                    

Total current liabilities

     553,523      465,065      526,255

Other liabilities

     105,832      17,874      18,190
                    

Total liabilities

     659,355      482,939      544,445

Shareholders’ equity

     961,371      844,524      827,364
                    

Total liabilities and shareholders’ equity

   $ 1,620,726    $ 1,327,463    $ 1,371,809
                    


LOGITECH INTERNATIONAL S.A.

(In thousands) - Unaudited

SUPPLEMENTAL FINANCIAL INFORMATION

 

Reconciliation of GAAP to non-GAAP Financial Measures

   Quarter Ended
December 31
2007
   

Nine Months Ended
December 31

2007

 

GAAP net income

   $ 133,572     $ 170,688  

Adjustments:

    

Impairment loss on short-term investments

     5,504       72,923  

Realized gain on sale of short-term investments

     (33,712 )     (33,712 )

Realized loss on sale of short-term investments

     5,951       5,951  
                
     (22,257 )     45,162  
                

Non-GAAP net income

   $ 111,315     $ 215,850  
                

GAAP net income per share:

    

Basic

   $ 0.74     $ 0.94  

Diluted

   $ 0.71     $ 0.90  

Impairment loss on short-term investments, net of realized gain per share

    

Basic

   $ (0.12 )   $ 0.25  

Diluted

   $ (0.12 )   $ 0.24  

Non-GAAP net income per share:

    

Basic

   $ 0.62     $ 1.19  

Diluted

   $ 0.59     $ 1.14  

We sometimes use information derived from consolidated financial information but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. The adjustments between the GAAP and non-GAAP financial measures presented above consist of the impact on Other Income (Expense) of the impairment loss related to an other-than-temporary decline in fair value of short-term investments during the quarters ended December 31, 2007 and September 30, 2007, and the realized gain/loss on sales of short-term investments during the quarter ended December 31, 2007. There were no adjustments to our GAAP net income during the three and nine months ended December 31, 2006 and accordingly our financial results for those periods are presented in the accompanying earnings release on a GAAP basis only. Our management uses these non-GAAP measures in its financial and operational decision-making. Our management believes these non-GAAP measures, when considered in conjunction with the corresponding GAAP measures, facilitate better comparison by our investors of our current period results with corresponding prior periods.


LOGITECH INTERNATIONAL S.A.

(In thousands) - Unaudited

 

     Quarter Ended
December 31
    Nine Months Ended
December 31
 

SUPPLEMENTAL FINANCIAL INFORMATION

   2007     2006     2007     2006  

Depreciation

   $ 13,028     $ 10,029     $ 33,030     $ 26,295  

Amortization of other acquisition-related intangibles

     1,218       1,380       3,655       3,285  

Operating income

     116,226       99,596       220,541       175,564  

Operating income before depreciation and amortization

     130,472       111,005       257,226       205,144  

Capital expenditures

     11,372       10,583       41,289       36,641  

Net sales by channel:

        

Retail

   $ 652,619     $ 599,142     $ 1,540,287     $ 1,387,190  

OEM

     91,616       59,370       228,975       166,645  
                                

Total net sales

   $ 744,235     $ 658,512     $ 1,769,262     $ 1,553,835  
                                

Net sales by product family:

        

Retail - Pointing Devices

   $ 189,093     $ 153,998     $ 454,236     $ 386,817  

Retail - Keyboards & Desktops

     145,090       109,542       341,179       261,855  

Retail - Video

     66,469       95,882       178,213       259,534  

Retail - Audio

     148,510       153,133       365,204       309,761  

Retail - Gaming

     55,223       58,589       113,151       108,937  

Retail - Remotes

     48,234       27,998       88,304       60,286  

OEM

     91,616       59,370       228,975       166,645  
                                

Total net sales

   $ 744,235     $ 658,512     $ 1,769,262     $ 1,553,835  
                                
Stock-based Compensation Expense for    Quarter Ended
December 31
    Nine Months Ended
December 31
 

Employee Stock Options and Employee Stock Purchases

   2007     2006     2007     2006  

Cost of goods sold

   $ 662     $ 628     $ 2,002     $ 2,077  

Marketing and selling

     2,143       1,633       5,788       5,394  

Research and development

     947       721       2,454       2,327  

General and administration

     1,571       1,660       5,014       5,196  

Income tax benefit

     (596 )     (279 )     (3,227 )     (2,310 )
                                

Total stock-based compensation expense after income taxes

   $ 4,727     $ 4,363     $ 12,031     $ 12,684  
                                

Stock-based compensation expense for employee stock options and employee stock purchases, net of tax, per share (diluted)

   $ 0.03     $ 0.02     $ 0.06     $ 0.07  
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-----END PRIVACY-ENHANCED MESSAGE-----